Kentucky property is assessed for tax purposes at what percentage of fair cash value?
Correct Answer
C) 100%
Kentucky assesses all property at 100% of fair cash value (fair market value). The Property Valuation Administrator (PVA) in each county is responsible for assessments.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
Community property is a form of ownership recognized in certain states where property acquired during marriage is considered equally owned by both spouses, regardless of who earned the money or whose name is on the title.
Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
In a cooperative (co-op), the building is owned by a corporation, and residents purchase shares of stock in the corporation that entitle them to a proprietary lease on a specific unit. Residents are shareholders, not property owners.
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